@cryptocracy 25 June 2022 more from that month

Is Bitcoin Dead? Ethereum’s electricity consumption dives **50 percent**. Bitcoin’s electricity consumption **took a nose dive**, too. Ethereum miners are reporting **less profitability** in recent months. A Chinese newspaper warns that bitcoin will **fall to zero**. Is bitcoin dead just because **the media says it is**? *Who listens to the media anyway? Do the Chinese? Most Americans don’t listen to it unless it confirms their biases.* https://cryptoslate.com/crypto-downturn-sees-electricity-consumption-on-ethereum-plunge-by-50/ https://www.theguardian.com/technology/2022/jun/24/electricity-consumption-mine-bitcoin-plummets-crypto-crisis-widens-cryptocurrency https://coingape.com/data-reveals-shocking-state-of-ethereum-mining-heres-why/ https://news.bitcoin.com/chinese-state-run-media-warns-about-bitcoins-price-falling-to-zero-as-regulators-issue-fresh-crypto-warning/ https://medium.com/coinmonks/bitcoin-is-dead-again-968de818e1dd

XRP surged 16 percent in 24 hours, **leading the recovery**. https://www.coindesk.com/markets/2022/06/24/xrp-leads-crypto-majors-recovery-bitcoin-rises-over-21k-as-rate-hike-concerns-wane/ Binance is launching a **VIP platform** for institutions. CEO Changpeng Zhao (CZ) says bitcoin could stay below **$69,000 for two years**. He also said free speech is “**hard to define**.” Binance.US is **cutting bitcoin trading fees** to be more competitive. *CZ likes to move against the grain. While his $69K prediction might seem to go against* ***recent predictions****, he could still be right even if Tim Draper is off by six months. Of course, no one has a crystal ball, but a few of these crypto dudes have some brass ones. And some are made of softer substances too—like marshmallow.* https://www.coindesk.com/business/2022/06/24/binance-launches-new-platform-for-vip-and-institutional-investors/ https://www.tekedia.com/ceo-of-binance-changpeng-zhao-says-bitcoin-could-stay-below-69000-for-two-years/ https://www.businessinsider.com/binance-ceo-free-speech-very-hard-define-elon-musk-twitter-2022-6 https://www.gobankingrates.com/investing/crypto/coinbase-rival-binance-sets-up-price-war-with-zero-fee-bitcoin-trading/ https://cryptocracy.substack.com/p/uniswap-passes-ethereum-in-fees Why this market crash **is different**. https://www.youtube.com/watch?v=w3aPT_K42UU Meta and Microsoft team up to **launch the Metaverse Standards Forum** along with other big names in tech. The forum will establish industry standards to make their digital worlds mutually compatible. *Is this just another power grab?* **5 things** your restaurant should do if you plan to cook in the metaverse. *Sizzle. Pass the mustard, please.* https://www.analyticsinsight.net/meta-and-microsoft-join-hands-for-metaverse-another-big-tech-dominance/ https://www.forbes.com/sites/forbesbusinesscouncil/2022/06/24/five-things-restaurateurs-need-to-consider-before-venturing-into-the-metaverse-and-web-30/?sh=7091ccc24889 Celsius seeks advisers for **potential bankruptcy**. Goldman Sachs **wants to buy Celsius**. *I’ve said all along that when traditional financial institutions start buying into crypto, that’s when crypto will go mainstream. If there’s money to be made, firms like Goldman Sachs will find a way to make it. Buying Celsius would, in a sense, legitimize crypto lending, but it will bolster the financial arsenals of its buyers more.* https://blockworks.co/celsius-enlists-advisers-for-potential-bankruptcy-according-to-wsj-report/ https://www.coindesk.com/business/2022/06/24/goldman-sachs-raising-funds-to-buy-celsius-assets-sources/ Cardano Founder Charles Hoskinson recommends **algorithmic regulation of crypto**. He also said the bear market makes it **easier to regulate**. On another note, Cardano’s Vasil upgrade is **being delayed**. https://finbold.com/heres-what-cardano-founder-said-to-u-s-congress-on-how-to-regulate-20000-cryptos/ https://dailyhodl.com/2022/06/24/cardano-ada-founder-charles-hoskinson-says-bear-market-makes-crypto-industry-collaboration-easier-heres-why/ https://www.analyticsinsight.net/cardanos-much-expected-vasil-upgrade-is-delayed-thanks-to-seven-bugs/ BlockFi raises deposit rates, **eliminates free withdrawals**. FTX wants to **buy the lender**. *Expect more consolidations during the crypto winter. When spring hits, it will be an all new market.* https://www.coindesk.com/business/2022/06/24/blockfi-raises-deposit-rates-eliminates-free-withdrawals/ https://decrypt.co/103781/ftx-acquire-stake-crypto-lender-blockfi-report $120 billion **was invested** into the metaverse in the first 5 months of 2022. https://www.foley.com/en/insights/publications/2022/06/120-billion-invested-metaverse-first-5-months-2022 Candy maker Mars Inc. has filed for an **NFT trademark for M&Ms**. American Eagle Outfitters is launching an **NFT apparel shop**. *I love peanut M&Ms, but I don’t think they’d taste as good if they were non-fungible.* https://www.pymnts.com/news/retail/2022/mars-wants-to-turn-mms-into-nfts/ https://www.retaildive.com/news/american-eagle-outfitters-launches-nft-apparel-shop/626008/ Aave CEO speaks about the **community-centered approach to Web3**. FOX Entertainment **moves toward Web3**. https://cointelegraph.com/news/the-community-centered-approach-to-web3-aave-founder-and-ceo https://www.coindesk.com/video/recent-videos/fox-entertainment-takes-on-web3/ Bitcoin of America wants to solve **crypto’s gender problem**. https://news.bitcoin.com/bitcoin-of-america-is-working-to-solve-the-gender-problem-in-the-crypto-industry/ NFT lending is **big business**. https://www.protocol.com/fintech/nft-lending-crypto **Stablecoin dominance** hits all-time high. https://www.bollyinside.com/news/as-crypto-winter-worsens-stablecoin-dominance-hits-all-time-high How to **protect your crypto** against bankruptcy. https://www.businessinsider.com/personal-finance/what-happens-when-a-crypto-exchange-goes-bankrupt Was NFT.NYC 2022 **like Woodstock**? *Were they half a million strong? Did they get back to the garden?* Maybe not, but there was a **Snoop Dogg sighting**. *What more could you ask for?* https://www.thedrum.com/news/2022/06/24/look-inside-nftnyc-2022-all-its-strange-colorful-glory https://www.vibe.com/news/entertainment/snoop-dogg-impersonator-at-nft-conference-1234670915/ How to tell if a cryptocurrency **is legitimate**. https://www.gobankingrates.com/investing/crypto/how-to-tell-whether-a-cryptocurrency-is-legitimate/ 5 popular **crypto businesses**. https://www.btcwires.com/c-buzz/five-popular-crypto-businesses/ *Snark and commentary in italics because I do not offer a Coke and a smile. Nor do I issue financial advice.* Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto. *First published at* *Cryptocracy**. Not to be construed as financial advice.* https://cryptocracy.substack.com/p/crypto-electric-consumption-dives Image credit: Rick Mulvey